Telenor Microfinance Bank Investigates Fake Loans Fraud

At least 14 people including Telenor Bank employees are suspected in Telenor Microfinance Bank fraud. Telenor is investigating against them who have been involved in the scam.

We have reached out to Telenor which confirmed that the incident has and will not, in any way, affect any of the deposit customers of the Bank. Furthermore, to get to the bottom of the scam and to prevent such incidents in the future, TMB has widened the scope of internal investigations to more of its branches in search of any more leakages that may be there.

Telenor Investigates Suspected Extensive Fraud in its Microfinance Bank

It was announced on Thursday that both Telenor employees and external parties were involved in the fraud in the Bank, owned by Telenor which is a major player in microfinance in Pakistan.

In an article published on 7 December, DN reported:
The Telenor Microfinance Bank says it has been scammed for around NOK 30 million, or around PKR 514 million. The bank has identified 14 people, 12 of whom are local bank employees, and two of whom are external loan agents.
The police has reported that in order to scam the bank, fake borrowers along-with false and incomplete loan applications were made. It is to be suspected that there have been individuals who must have cooperated in approving and granting these loan applications.

According to the VG report that 1,638 false loan applications have been found by the police and the internal investigation group. Earlier this week, State Bank of Pakistan’s inspection team also arrived to help investigate. An investigation team has been working on the case since October to find out the extent of the scam, said Telenor.


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